Colgate-Palmolive Company has just paid an annual dividend of $ 0.96.

Analysts are predictinga(n)10.8 %

per year growth rate in earnings over the next five years. Afterthat, Colgate's earnings are expected to grow at the current industry average of 5.2 %

per year. IfColgate's equity cost of capital is 7.1 %

per year and its dividend payout ratio remainsconstant, what price does thedividend-discount model predict Colgate stock should sellfor?